Yes, that works as a chain that crosses the borders of clarity. Kids in most languages find or produce such ambiguous stretches of text as jokes or riddles.

In your case I would not expect your sentence to be written by a MG speaker, and while there is less problem in the KOINH period
(κεnυ η κενυ η κενη )
it would take special circumstances for an author to put a sentence together just like that.